Johnson & Johnson , Joins Fight Against Lowering , Drug Prices in the US.<br />On July 18, Johnson & Johnson (J&J) became the <br />third major pharmaceutical company to challenge<br />the Biden administration's Inflation Reduction Act.<br />On July 18, Johnson & Johnson (J&J) became the <br />third major pharmaceutical company to challenge<br />the Biden administration's Inflation Reduction Act.<br />CNBC reports that Johnson & Johnson has <br />announced a lawsuit over a controversial provision <br />that give's Medicare the power to slash drug prices.<br />The lawsuit, which was filed in a New Jersey federal <br />district court, argues that the provision violates <br />the company's First and Fifth Amendment rights.<br />Major drugmakers filed separate suits, along <br />with the U.S. Chamber of Commerce and PhRMA, <br />the largest pharmaceutical lobbying group.<br />Merck and Bristol Myers Squibb are among the <br />companies to file lawsuits against the government. .<br />Merck and Bristol Myers Squibb are among the <br />companies to file lawsuits against the government. .<br />The Inflation Reduction Act gave Medicare <br />the power to negotiate drug prices for <br />the first time in the program's history. .<br />The Inflation Reduction Act gave Medicare <br />the power to negotiate drug prices for <br />the first time in the program's history. .<br />CNBC points out that the provision was aimed at <br />making drugs more affordable, but it would <br />also cut into pharmaceutical industry profits.<br />According to Johnson & Johnson, its patented blood <br />clot drug, Xarelto, will be up for price negotiations in 2023 <br />due to it being one of the 10 most reimbursed drugs.<br />According to Johnson & Johnson, its patented blood <br />clot drug, Xarelto, will be up for price negotiations in 2023 <br />due to it being one of the 10 most reimbursed drugs.<br />Last year, Johnson & Johnson garnered, $2.47 billion in revenue , from sales of Xarelto.<br />The U.S. Health and Human Services Department <br />released a statement saying the agency will, “vigorously defend the president’s drug price negotiation <br />law, which is already helping to lower health care <br />costs for seniors and people with disabilities.”.<br />The U.S. Health and Human Services Department <br />released a statement saying the agency will, “vigorously defend the president’s drug price negotiation <br />law, which is already helping to lower health care <br />costs for seniors and people with disabilities.”